H.R.1798 - A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer in making repairs and improvements to his residence, and to allow the owner of rental housing to amortize at an accelerated rate the cost of rehabilitating or restoring such housing.94th Congress (1975-1976)
|Sponsor:||Rep. Casey, Bob [D-TX-22] (Introduced 01/20/1975)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/20/1975 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.1798 — 94th Congress (1975-1976)All Information (Except Text)
Introduced in House (01/20/1975)
Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year.
Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.